Make a copy of the last made layer and choose the Free Transform (Ctrl+T) command to scale the copy and to place it the way from below:

Create a new layer and choose the Soft Round brush.

Use this brush to paint those two ellipses with the color #78002A (Opacity 50%).

Change the Blending mode for this layer to Color Dodge.

Next we’ll use the Ellipse Tool (U) to represent another ellipse:

Make sure the ellipse’s layer is active and click on the bottom part of the Layers panel on Add layer mask icon. Choose the Soft Round brush of black color (Opacity 30%).

Use this brush to paint in the mask to hide the inside part of the ellipse.

Take the Ellipse Tool (U) again and draw one more ellipse:

Make sure the ellipse’s layer is active and click on the bottom part of the Layers panel on Add layer mask icon. Select the Soft Round brush of black color (Opacity 30%):

Use this brush to paint in the mask to hide the inside zone of the ellipse.

Next we’ll apply again the Ellipse Tool (U) to represent more ellipses, the same way we did before (insert the mask and hide their inside zones using Soft Round brush).

Represent another ellipse.

Make a copy of the last made layer and choose the Free Transform (Ctrl+T) command to place the copy as on the next demonstrated picture:

Add a new ellipse using Ellipse Tool (U).

Click on Add a layer style icon from bottom part of the Layers panel and select Drop Shadow.

We’ve got the next effect:

Make a copy of the last represented layer and select the Free Transform (Ctrl+T) command to change copy’s sizes and its placement. Add layer mask for the copied layer and hide its inside part, applying the Soft Round brush.

Next we’ll continue representing the ellipses, applying the Ellipse Tool (U) and hide them smoothly with the Soft Round brush the same way we did with the previous ellipses:

Click on Add a layer style icon from bottom part of the Layers panel and select Drop Shadow.

We’ve go the next result:

Make five copies of the last made layer with the ellipse on it and choose the same Free Transform (Ctrl+T) command to change the copies’ sizes, placing them as it is demonstrated next picture:

Next we have to rasterize the ellipse’s layer, the pointer indicates on it:

… and select for the rasterized layer next option Filter>Blur>Gaussian blur

We’ve got the next result:

Choose the Free Transform (Ctrl+T) command to move the ellipse’s layer placement the same way it is shown on the next picture:

Make a copy of the rasterized layer containing the ellipse and choose the Free Transform (Ctrl+T) command to make a little smaller the copy, changing also the copy’s color on the white one.

Set Fill to 65% for this layer and change the Blending mode to Hard mix.

Continue representing the ellipses, applying the Ellipse Tool (U).

Make sure the ellipse’s layer is active and click on the bottom part of the Layers panel on Add layer mask icon. Select the Soft Round brush of black color (Opacity 30%):

Use this brush to paint in the mask to hide the ellipse content to get the same effect as the next one:

Continue representing the next ellipse, applying the same Ellipse Tool (U).

Add layer mask and choose the Soft Round brush of black color (Opacity 30%):

Paint in the mask to hide the ellipse content, getting the same effect as below:

This way we have to represent one more ellipse:

Now we have to insert the layer mask on the layer the same way we’ve already described above and hide the ellipse content with the Soft Round brush of black color (Opacity 30%).

Create a new layer and choose the Soft Round brush to get a highlight of blue color (Opacity 10%).

Create a new layer and use the mentioned above brush to represent a highlight of yellow color (Opacity 10%).

Create the next new layer, applying here the Soft Round brush of white color (Opacity 20%) to add the last highlight.

Select Create new fill or adjustment layer from bottom part of the Layers panel and click to Curves to adjust the curve shape as shown to make a little color corrections.

We’ve got the next effect:

The final picture!

View full size here.

Download free Layered PSD file.